The following blog will provide you with an insight into what SuperStream is, and how it will impact your business.

1. SuperStream
ADP Insider
SuperStream
April 11, 2014 - by ADP Insider
There are new rules coming that will affect how
you deal with superannuation payments for your
employees.
What is SuperStream?
SuperStream is a new data and payment standard
being introduced to improve the efficiency of the
superannuation system. The standard requires
employers to send all data electronically in
a standard message format. All contribution
payments must be made electronically and all
payments and money must be linked with a
unique payment reference number.
Employers with 20 or more employees
Employers with 20 or more employees are
required to phase in to use the Data and Payment
Standard (the standard) from 1 July 2014.
Employers with 19 or fewer employees
Employers with 19 or fewer employees are
required to use the standard from 1 July 2015
The standard requires employers to:
• Send all data electronically (such as the
employee’s details and the amount of super
being paid) in a standard message format,
this includes payments previously returned
by the fund
• Make contribution payments electronically
• Link data and money with a unique payment
reference number
• Ensure data and payments are sent on the
same day
• Respond to fund requests for complete
information within 10 business days
• Register members to your default fund/s in a
standard message format
• Advise changes to member information in a
standard message format
Funds will also be required to make major
changes to ensure they can receive contributions
in the standard. As with current arrangements,
employers may use a service provider as their
agent to meet these obligations.
The ATO will provide education and support during
the first two years of implementing these new
arrangements.
Penalties for non-compliance may apply under
the Superannuation Industry (Supervision) Act
1993.
What information needs to be provided with
payments?
There numerous compulsory data fields required
to submit with payments. These include:
Sender details
• Entity name
• Contact details
• Banking details
• ABN
Member details
• Full name
• Tax file number (must be valid)
• Gender
• Date of Birth
• Address
• Employer details
Superannuation fund details
• Period start and end dates
• Superannuation fund details
• Entity name
• Product name
• ABN
• Unique superannuation identifier
• Banking details
• Self-managed super fund Electronic Service
Address Alias
TIP: Consider where this data currently resides
– is it in one place? Is it up to date? How do you
manage updating this information?
Want to find out more about SuperStream?
General information - www.ato.gov.au/super
Self-managed super funds – www.ato.gov.au/
Super/Self-managed-super-funds
Videos from the ATO - http://bit.ly/1zqDv59
Our own page – www.adppayroll.com.au/
SuperStream
See more at: www.adppayroll.com.au/adpinsider
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"SuperStream is a new data and
payment standard being introduced
to improve the efficiency of the
superannuation system."
ADP Insider